Hello BBBB Friends:
All market indicators trended up this week, with the Heights reaching its highest inventory level so far this year. New weekly listing activity hit a peak not seen since June of last year. With so many new listings this week, it was a challenge to select my favorites. I have six new listings to share with you today, five bungalows, and one very unique contemporary offering. Additionally, be sure to keep scrolling down to see price reductions, new contracts, and final sales for homes that are Still on My List
HEIGHTS REAL ESTATE MARKET UPDATE FOR FEBRUARY 2023
In a nutshell, in the Heights, there has been a significant increase in home inventory compared to the previous year. Sales have declined from 2022 but compare more favorably with pre-pandemic levels. Although prices are still on the rise, the rate of increase was lower in February.
Heights statistics align with overall Houston metrics with the exception that prices actually declined in February for the metro area, while prices in the Heights rose but at a more modest level.
HAR Chair Cathy Travino summed up the month for the Houston area:
“For a true apples-to-apples comparison of the Houston housing market, you have to examine where we were before the pandemic, in 2019, and by that standard, we are in similar territory. The traditional year-over-year comparison shows a market slowdown, but even then, there are positive trends in the form of moderating prices and growing inventory that bode well for spring homebuying.”
HAR Press Release 2/8/23
KEY FINDINGS FOR THE HEIGHTS:
- The number of active listings increased 28% year-over-year (February 2023 vs February 2022) while remaining basically unchanged compared to January 2023.
- The number of February sales dropped 43% year-over-year but increased 52% compared to January 2023. Compared to pre-covid 2019, February sales were off by only 13%
- In February, the average and median sales prices increased by 28% and 26%, respectively, year-over-year. However, compared to January 2023, average sales prices increased by only 4% while median sales prices declined slightly by 1%.
- Forty-five percent (45%) of home sales finalized in February went under contract within the first seven days of listing, compared with only 29% the previous month.
- The ‘Close to List Price Ratio’ for all February sales increased from 98% to 99%, with a range of 86-106%. For those under contract within the first seven days, the ‘Close to List Price Ratio” remained at 100%.
- With the median days on the market down from 58 in January to just 26 in February, homes were selling more quickly.
- Months of single-family home inventory* on hand hovered around 2.2 months for most of February; still a solid seller’s market. As a reminder, a balanced market is around five months of inventory, so we still have a long way to go!
- February’s highest over-list price sale award goes to a charming Houston Heights bungalow. It sold for 6% ($31,000) over the list price.
*Months of Inventory measures how long the existing homes on the market would last, assuming a) no more listings are added and b) the rate at which homes sell is a constant figure based on the average of the last 12 months of sales.
HEIGHTS* KEY MARKET INDICATORS -SINGLE-FAMILY HOMES
| SINGLE-FAMILY HOMES | FEB 2022 | FEB 2023 | CHANGE | JAN 2023 | CHANGE |
| ACTIVE LISTINGS | 132 | 169 | 28.0% | 170 | 0% |
| SALES | 83 | 47 | -43% | 31 | 52% |
| AVG SALES PRICE | $696,277 | $889,717 | 28% | $852,100 | 4% |
| MEDIAN SALES PRICE | $615,000 | $775,000 | 26% | $779,100 | -1% |
| AVG DAYS ON MARKET | 69 | 60 | -13% | 72 | -17% |
| MEDIAN DAYS ON MARKET | 37 | 26 | -30% | 58 | -55% |
| CLOSE PRICE-TO-LIST PRICE RATIO | 98.7% | 99.5% | 1% | 98.0% | 2% |
Note: Median represents the “middle” number and better represents central tendency than average. For example, the median sales price is the figure at which half of the homes sold for more and half sold for less.
SOLD TO LIST PRICE RATIO ANALYSIS-FEB 2023
| DAYS ON MARKET | ALL | 0-7 | 8-30 | 30+ |
| HOMES SOLD | 47 | 21 | 13 | 13 |
| MEDIAN SALES PRICE/LIST PRICE RATIO (SP/LP) | 99.5% | 100.0% | 98.3% | 97.9% |
| SP/LP RANGE | 85.9-105.8% | 95.2-105.8% | 89.6-100.0% | 85.9-100.0% |
Source: HAR
Let’s look at houses or talk about selling yours!
Becky Davis
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Becky Davis
Compass Realty
832-628-8221
Thinking of selling? We can front the cost for painting, landscaping, upgrades, and more. No fees or interest, EVER! Click here for more information.
*Note: For purposes of BBBB, the “Heights” is defined as the area between I-10 and Loop 610 N and between Shepherd and I-45).
The Week’s Featured Properties
811 Key: $625,000
- Norhill Historic District
- Craftsman bungalow, c. 1926
- 2/2, 1414 sq ft on a 5512 sq ft lot
- Kitchen and bath updates
- Galley kitchen with banquette seating
- Primary bath with Japanese soaking tub
- Covered back porch plus small landscaped green space
- Bonus climate-controlled space (135 sq ft) off the garage
- Driveway access to 2-car detached garage
- Curbed street
- Zoned to Browning Elementary
Charming bungalow with tons of curb appeal. Two blocks from Proctor Plaza Park and walking distance to restaurants along 11th and Studewood.
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140 Munford: $650,000
- Milroy Place
- Brick Craftsman cottage, c. 1935
- 2/2, 1270 sq ft on a 5200 sq ft lot
- Renovated in 2019-2020
- Fenced front yard, corner lot
- Galley kitchen with banquette seating
- New primary bath & walk-in closet
- New mudroom
- Stamped brick patio between garage & house plus side-yard
- Driveway access from the side street to 2-car detached garage
- Zoned to Helms Elementary
I’m a fan of Milroy Place. It’s a small subdivision between 23rd and 25th Streets just east of Yale, with lots of cute, well-kept bungalows and new construction. Halbert Park is there–it has basketball and tennis courts and a small playground.
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1413 Columbia: $819.000
- Heights East Historic District
- Prairie & Craftsman influences, c. 1930
- 3/2/1, 1618 sq ft on a 6600 sq ft lot
- Renovated kitchen & baths
- Double porch swings in front ❤️
- Period features, including original dining cupboard
- Party-size covered back porch
- Nicely landscaped backyard
- Driveway access to 2-car detached garage
- Zoned to Field Elementary
Super cute! The smaller secondary bedroom is right off the master and would make a good nursery or office/sitting room.
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1435 Allston: $1,075,000
- Houston Heights
- Bungalow, c. 1908
- 2/2/1, 2710 sq ft on a 6600 sq ft lot
- Renovated/expanded in 2022
- Extensive use of shiplap wall treatments
- Study/home office
- Galley kitchen with banquette seating
- First-floor primary suite with built-ins, spa bath, and ample closet
- Unfinished attic space (547 sq ft) for future bedroom, office, etc.
- Screened-in back porch, herringbone brick patio, plus yard
- Driveway parking (no garage)
- Zoned to Love Elementary
- Curbed street
Adding a garage with alley access is a possibility. Great central location. Walk to Heights Mercantile, Heights esplanade, and restaurants on 11th St.
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415 W 15th St: $1,348,000
- Heights West Historic District
- Folk Victorian Bungalow, c. 1920
- 4/4/1, 2755 sq ft on a 5720 sq ft lot
- Renovated/expanded 2022
- Wide-plank engineered wood flooring throughout
- 20′ ceilings in the family room
- Study/home office or 4th bedroom down with ensuite bath
- Primary suite down with two walk-in closets and spa bath
- 2 Secondary bedrooms up with ensuite baths
- Fenced front yard plus small side and back yards for greenspace
- Garage APT (371 sq ft, efficiency, kitchenette & full bath)
- Driveway access to 1-car detached garage
- Zoned to Love Elementary
The Folk Victorian style of home was influenced by Queen Anne architecture. I particularly like the unique roofline and decorative windows.
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730 E 6th 1/2 St: $1,775,000
- Houston Heights
- Contemporary, c. 1918
- 2/2/1, 2986 sq ft on a 6250 sq ft lot
- Renovated/expanded 2022
- One story
- Tall ceilings & floor-ceiling windows
- Primary suite with floor-to-ceiling windows
- Second slightly smaller primary suite
- Open-concept living, dining, and family room
- Back patio with a smidge of greenspace
- Driveway access to front-entry 2-car attached garage
- Curbed Street
- Zoned to Harvard Elementary
Award-winning contemporary home offering many upgrades, including a whole-home generator and motorized shades for the many floor-to-ceiling windows. Unique “semi-concealed” aircraft hanger electric folding garage door clad in matching siding.
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This Week’s Price Reductions & Status Updates
PRICE REDUCED
843 Allston: $1,795,000 was $1,850,000
- Houston Heights
- Modern farmhouse style, c. 2019 by Heights Construction
- 5/4/1, 4257 sq ft on a 6600 sq ft lot
- Trim package with built-ins, wainscoting, and moldings
- Office/study or 4th bedroom down w/ensuite bath
- Game room
- Primary suite with vaulted ceiling and closet w/island
- Covered side porch, patio, and small green space
- Driveway access to 2-car attached garage
- Additional driveway parking
- Zoned to Harvard Elementary
Personally, I am a fan of the pink entrance. Just in case you are wondering, according to Martha Stewart, trending front door colors for 2023 include a soft red rose, creamy white, deep green, dark charcoal, pale green, rich blue, and cool powder blue.
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Going, Going, Gone!
1300 Harvard: $1,525,000
- Heights East Historic District
- Craftsman bungalow c. 1920
- 4/3, 3979 sq ft on 6600 sq ft lot
- Price at Time of Contract: $1,550,000
- List to Sell Ratio: 98%
- Original List Price: $1,550,000
- Days on Market: 5
- Title Paid By: Seller
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1011 E 7th St: $1,850,000
- Norhill (south of 11th/not the historic district)
- Modern farmhouse, c. 2021 by Modern Bungalow
- 5/5, 4441 sq ft on a 6600 sq ft lot
- Price at Time of Contract: $1,950,000
- List to Sell Ratio: 95%
- Original List Price: $1,999,999
- Days on Market: 26
- Title Paid By: Seller
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But wait, there’s more…
This is just the latest and greatest; however, there are still lots more on my list that you can check out here:
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